Latitude Financial Services acquires Auckland based fintech Genoapay
Auckland, New Zealand
Latitude Financial Services, is pleased to announce that it has acquired Auckland based fintech Genoapay. Genoapay provides a no interest payment instalment service, allowing shoppers to pay off a purchases totalling up to $1,000 over a 10-week period.
“Consumers and merchants are looking for more options and flexibility on ways to pay at point of sale and adding a no interest instalment product like Genoapay to our stable of payment options, which range from credit cards to personal loans is an exciting move for both our businesses, and one that we know will be welcomed by partners and consumers alike,” said Greg White, Managing Director NZ, Latitude Financial Services.
Fintech Genoapay founded by CEO Shaun Quincey has been in market since August 2016, and during this time the business has successfully developed the product, grown a solid base of merchants and customers in the New Zealand market.
Genoapay CEO Quincey is looking forward to working with the team at Latitude saying “Latitude Financial Services is one of the largest providers of sales finance, credit cards and personal loans in the New Zealand market, with significant and long-standing relationships with many of New Zealand’s leading retailers and we’re pleased to be able to bring our product and start-up mentality to the business. We believe this move will position us both well to grow the market”.
Shaun Quincey will continue to lead the Genoapay business with his team working closely with Latitude to grow the business.
The no interest payment instalment product adds to Latitude’s offering, which for merchants adds to the suite of available options they can use to grow their multi-channel offering, cart conversion and ticket size. For the consumer it provides them with another option to pay that best suits their needs.
About Latitude Financial Services
Latitude Financial Services is a leading consumer finance business in Australia and New Zealand, offering 2.4 million customers a broad range of finance products including personal loans, credit cards, insurance and interest-free promotional and retail offers. Across Australia and New Zealand, the business currently employs more than 1,600 staff and services its customers through a network of retailer partners, brokers, phone and the internet. The company offers a full suite of financing solutions for retail partners, managing credit applications, credit authorisation, billing, remittance and customer service processing. Its products include Gem Visa, GO Mastercard and 28 Degrees Platinum Mastercard.